1.1 Main economic groups and factors of production Flashcards
1
Q
What is the economic agents
A
Government, producer, consumer
2
Q
Government
A
a political body who decide how the country is run
3
Q
Consumer
A
an individual, household that directly uses a good or service
4
Q
Producer
A
An individual, company or country that makes or supplies a good or service
5
Q
The factors of production
A
Resources used in the production process
6
Q
What is the four factor of production
A
CELL - Capital, Enterprise, Land, Labour
7
Q
Land
A
Natural resources
8
Q
Labour
A
Human resources
9
Q
Capital
A
Man made aids to production
10
Q
Enterprise
A
Organisation and risk bearing activity
